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Answer to Question #111952 in Microeconomics for Nolwazi Mnisi

Question #111952
What happens if the minimum wage is above equilibrium? (20)
1
Expert's answer
2020-04-28T07:49:34-0400

When the minimum wage is above the equilibrium wage, firms in the market will reduce the quantity of labor they require while workers in the market will increase the supply of labor. The resultant effect is increase of unemployment.


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